Taxes have always been one of the most difficult things to handle, whether you’re running a business or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford the budget to engage an accountant performing the task on your own can be risky. If you miss one detail, you might have to redo things again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So what can we do ?
We can simplify our lives with tools such as TaxJar.
We’ll look at this popular life-saving device and how it can help you. Even though this is lengthy but you’ll be able to assess whether TaxJar is the tool you require in the present.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? TaxJar Token
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it across all the sales channels you use to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and finish within only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by online business owners to keep everything simple and organized. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting system is compatible with your sales channel. If you have multiple sales channels, you need to maintain everything in line. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one place. So, there’s no need to collect data from different channels and sort it into one platform. All you have to do is to integrate TaxJar and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to file their sales taxes manually or through their AutoFile feature. In our review we’ll take a look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on how to manage these. But, it is up to you and your team to complete everything on time. TaxJar will only provide guidance on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. Through this feature, everything will be automated from calculating taxes on sales through recording, and then processing it. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff will have access to everything you need, like a list of your transactions, reports, and information.
The greatest benefit of this feature is that it lets you to update automatically every day. Not only can they help you keep track of how much you’ve collected, but they also help you keep track of when the next payment is due.
Their dashboard also allows users to view in detail the total sales tax within your company. You can also export the data as a CSV file, if you want to use it to aid in process of financial planning and accounting or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the channels you sell through. That means you won’t have to hunt for your paperwork when you need them in a pinch. Even when you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have for other operating expenses.
The best part is that TaxJar offers tutorials and training, not just for their platform but all things connected to sales tax. You can check out their webinars, guides, or blog posts for additional details. Additionally their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they can be too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They say it’s the most effective plan for those who need assistance with filing requirements and reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and an CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a smaller business proprietor, then this program should be ideal for you. It may not have all the features offered by TaxJar, but it has the basic features you require.
You can also contact their support team with their email support chart. You’ll also be able to use their integration tools.
If you’re looking to get a bit more than just the basic features and options, then the Professional plan could be the one for you. It’s priced at $99 but you can increase it by adding custom features.
What is the difference from the starter plan?
In addition to having access to all of the Starter plan’s features, you also get access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large company, you may need to go for premium plans instead. It includes all of the features needed to make your tax filing easier. Additionally, they permit unlimited import integrations of data as well as API integrationsfor team users, and AutoFiles.
There is also a team dedicated to managing your account. However, they don’t disclose how much the Premium plan costs you. TaxJar Token
However, they did mention that the plan is custom-made for each user. The cost of the plan will be different depending on what you need to run your business.
It’s a good thing that you don’t have to gamble your money just to see if this platform is for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to determine if the platform is the right choice for you.
Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of the use of TaxJar for your company.
- Has the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you’re doing, then should try this.
Not only will it aid in tracking your products and revenue however, it will assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they offer tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
The use of TaxJar will help you reduce time and keep on top of each deadline or requirement you need to meet. If you live in an area with complex tax regulations, this will surely help you wrap your head around it. TaxJar Token
If handling taxes is easy, then TaxJar could be a waste of investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire procedure easy to complete, you might be better in doing it all by yourself.
FAQ TaxJar Token
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in US$. If you’re using a different currency, you will need to convert it to US$ before TaxJar can calculate the tax.